If you are getting married, one thing you do not want to overlook is estate planning. It may not seem like an ideal time for you to tackle estate planning, but it is never too soon for you to plan for the future.
You want to spend the rest of your life with your partner. You never know when circumstances may change and leave you incapacitated or take your life.
With the right plans in place, you can protect your spouse, future children and loved ones should the unexpected happen. Here are some pointers on estate planning as a newlywed.
Talk to your partner
A successful marriage requires good financial planning. Talking about growing old and dying may not be the conversation you want to have before or right after you marry, but doing so can help avoid issues that could interfere with your happiness together.
You may not have many assets now, but as you and your partner get older, your estate will grow. Creating an estate plan to protect those assets now makes it easier for you to incorporate new assets into your plan as time passes.
Estate planning documents you should have
At the very least, you should have a last will and testament. This document is a list of instructions detailing the distribution of your assets. Whether or not you want your soon-to-be spouse to inherit everything upon your death or not, a will preserves your wishes and helps to prevent interference from family members.
There is the possibility that you may need to rely on someone else to take care of your financial affairs someday. You might not want your spouse to have the burden of resolving your financial business. With a durable financial power of attorney, you can designate who you want to be in charge of your finances when you are unable to manage them yourself.
Bear in mind that a financial POA and will are not the only tools you may use to protect yourself, your partner and family. There are many estate planning documents that help ensure your end-of-life needs and afterlife concerns are taken care of. You might want to discuss the matter with an attorney to receive guidance on how estate planning can provide a solid financial foundation for your relationship.